House Prices to Fall
Published / Last Updated on 12/10/2010
by Ashley Clark, Director
With sellers outnumbering buyers, Royal Institution of Chartered Surveyors (RICS) members have suggested that house prices will fall further over the coming winter months.
44% of RICS members reported house price falls through the summer months, with 50% saying prices were neutral and 6% reported rises.
Much is blamed on the economy, the fear of government spending cuts, redundancy in general and mortgage lenders being wary of a new Mortgage Market Review by the financial regulator, the Financial Services Authority (FSA) making lenders much more responsible for the scale at which they lend money at, mortgage arrears and failed mortgages/ repossessions. The CML has already reported an 8% fall in mortgage lending last month despite quantitative easing releasing more money to banks.
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